Eversource Energy (ES) Q3 2024 earnings summary

Executive summary

• Completed exit from offshore wind business in Q3 2024, transitioning to a fully regulated utility model and focusing on electric, gas, and water infrastructure.

• Increased five-year capital plan to $23.7 billion through 2028, emphasizing electric transmission and distribution investments and clean energy initiatives.

• Q3 2024 net loss of $118.1 million ($0.33/share) due to a $524 million after-tax loss on offshore wind divestiture; non-GAAP recurring EPS was $1.13, up year-over-year.

• Reaffirmed long-term EPS growth target of 5%–7% through 2028, with updated 2024 non-GAAP EPS guidance of $4.52–$4.60.

• Recognized as a top U.S. utility, reflecting industry leadership and employee dedication.

Financial highlights

• Q3 2024 GAAP loss of $0.33 per share, including a $1.46 per share after-tax loss from offshore wind divestiture; non-GAAP recurring EPS was $1.13, up $0.16 year-over-year.

• Nine-month 2024 non-GAAP EPS was $3.56, up $0.18 year-over-year; GAAP EPS was $2.08, down $0.34 year-over-year.

• Q3 2024 operating revenues rose to $3.06 billion; operating income was $612.4 million, with a 20.0% margin.

• Segment earnings: Electric transmission $0.49/share, electric distribution $0.57/share, natural gas distribution loss $0.09/share, water distribution $0.07/share.

• Interest expense increased to $300.6 million in Q3 2024; cash flows from operations were $1.52 billion YTD.

Outlook and guidance

• 2024 non-GAAP EPS guidance updated to $4.52–$4.60, reflecting higher interest expense.

• Long-term EPS growth target reaffirmed at 5%–7% through 2028, based on 2023 recurring EPS of $4.34.

• Five-year capital investment plan increased to $23.7 billion, driven by regulatory approvals and grid modernization.

• Targeting FFO to Debt metrics of 14%–15% by 2025.

• Sale of Aquarion Water business expected to close by end of 2025, with buyer announcement anticipated in Q1 2025.